- What Capreit has purchased an apartment building in Vancouver
- Why Lantern Properties sold the asset at a 3.65% cap rate
- What next The property was fully occupied at closing
Canadian Apartment Properties REIT has purchased a 37-unit apartment building in Vancouver from Lantern Properties for $14.8m, Green Street News can reveal.
Stephen Court, at 1315 Broughton Street in the city’s West End, traded at a capitalization rate of 3.65% with Cushman & Wakefield brokering the deal.
The property, built in 1956, stands out from Capreit’s recent investment strategy, which for the past three years primarily has focused on buildings constructed in the last decade or so. Stephen Court, however, complements the REIT’s portfolio, with an existing building 500m away at 990 Broughton Street.
The concrete building has 23,000 sq ft of rentable area and has undergone consistent upgrades throughout the years. Units range from studios to two-bedroom-plus-den suites. Amenities include bicycle storage, EV charging and laundry facilities. The building was fully occupied upon closing.
Stephen Court is in one of the most vibrant neighbourhoods in the city, close to Sunset Beach and various entertainment options.
The sale marks the first multifamily transaction in Vancouver’s West End since Jan. 6, according to Green Street’s Sales Comps Database, when a 41-unit apartment building at 2060 Comox Street traded for $18.5m.
Lantern Properties, founded in 1962, is a multifamily developer and operator with properties and developments in Vancouver and Victoria.
Founded in 1997, Capreit is Canada’s largest apartment REIT with a portfolio valued at $14.9bn. The firm has made a number of other acquisitions this year, including a 102-unit building in Montréal, a 41-unit complex in Vancouver and a 27-storey tower in Edmonton.
